President Ferdinand R. Marcos Jr. inherited a government and a country that is on its way to a full recovery despite a weak peso, elevated inflation and a bigger but still manageable debt and deficit profiles.
This was the pronouncements of both the Duterte and Marcos economic teams, which happen to be the extension of one to another, considering the Secretary of the Department of Finance, Benjamin E. Diokno, just vacated his old post as Bangko Sentral ng Pilipinas Governor under the previous administration.On the day Marcos Jr.
As such, Marcos will get a government that has a resilient revenue effort to collect taxes to fund the deficit since with the pandemic. There were a lot of unplanned spending to fight the health crisis, resulting in budget deficit-to-GDP ratio to 7.6 percent in 2020 and to 8.6 percent in 2021. “One thing is certain: the incoming administration will inherit a better state of infrastructure to help in its socioeconomic agenda,” said Diokno on June 9. He also noted that the Marcos administration will also get a “robust pipeline of implementation-ready infrastructure projects” of some 88 infrastructure flagship projects which are due for completion by 2023 and onwards.
The country’s outstanding external debt has ballooned to $109.75 billion as of end-March 2022, and it is larger than the gross international reserves. The Duterte administration has borrowed $12.71 billion to fund infrastructure projects and Covid-related expenses. These laws and others, and most importantly an improvement in revenue collection efficiency, will help Marcos achieve his economic team’s goals of reducing the deficit-to-GDP ratio to three percent, achieve upper-middle-income status, and bring poverty incidence to single-digit levels by 2028.
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